Intangible Assets

12 Months Ended

Jun. 30, 2024

Intangible Assets

Intangible Assets [Text Block]

Note 4. Intangible Assets

Identifiable intangible assets, other than goodwill, consisted of the following as of and for the years ended June 30, 2024 and 2023:

		Trade name - indefinite life		Non-compete covenant		Customer relationships		Total
Gross carrying amount
June 30, 2022	$	1,084,000	$	438,000	$	6,183,000	$	7,705,000
Additions		-		-		-		-
Disposals		-		-		-		-
June 30, 2023	$	1,084,000	$	438,000	$	6,183,000	$	7,705,000
Accumulated Amortization
June 30, 2022	$	-	$	433,850	$	3,030,425	$	3,464,275
Additions		-		4,150		618,300		622,450
Disposals		-		-		-		-
June 30, 2023		-		438,000		3,648,725		4,086,725
Net book value at June 30, 2023	$	1,084,000	$	-	$	2,534,275	$	3,618,275

 

		Trade name - indefinite life		Non-compete covenant		Customer relationships		Total
Gross carrying amount
June 30, 2023	$	1,084,000	$	438,000	$	6,183,000	$	7,705,000
Additions		-		-		-		-
Disposals		-		-		-		-
June 30, 2024	$	1,084,000	$	438,000	$	6,183,000	$	7,705,000
Accumulated Amortization
June 30, 2023	$	-	$	438,000	$	3,648,725	$	4,086,725
Additions		-		-		618,300		618,300
Disposals		-		-		-		-
June 30, 2024		-		438,000		4,267,025		4,705,025
Net book value at June 30, 2024	$	1,084,000	$	-	$	1,915,975	$	2,999,975

Amortization expense associated with the intangible assets was $618,300 and $622,450 for the fiscal years ended June 30, 2024 and 2023, respectively. Estimated future amortization expense for the identifiable intangible assets is expected to be as follows for the years ending June 30:

2025	$	618,300
2026		618,300
2027		571,549
2028		107,826
Total	$	1,915,975